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In: Accounting
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating to shareholders’ equity. The articles of incorporation authorized the issue of 8 million common shares, $1 par per share, and 1 million preferred shares, $50 par per share. Feb. 12 Sold 2 million common shares, for $9 per share. 13 Issued 40,000 common shares to attorneys in exchange for legal services. 13 Sold 80,000 of its common shares and 4,000 preferred shares for a total of $945,000. Nov. 15 Issued 380,000 of its common shares in exchange for equipment for which the cash price was known to be $3,688,000. Required: Prepare the appropriate journal entries to record each transaction. (If no entry is required for a particular transaction, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
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ekkarill92 answered 2 years agoRelated Solutions
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 10 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $9 per share.
13
Issued 38,000 common shares to attorneys in exchange for legal
services.
13
Sold 78,000 of its common shares and 5,500 preferred shares for
a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 8 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for
$9 per share.
13
Issued 40,000 common shares to
attorneys in exchange for legal services.
13
Sold 80,000 of its common shares
and 4,000 preferred shares for a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 8 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $8 per share.
13
Issued 41,000 common shares to attorneys in exchange for legal
services.
13
Sold 81,000 of its common shares and 7,000 preferred shares for
a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 9 million common shares, $1 par per share, and 3 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $10 per share.
13
Issued 48,000 common shares to attorneys in exchange for legal
services.
13
Sold 72,000 of its common shares and 5,000 preferred shares for
a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholder’s equity. The articles of incorporation authorized the
issue of 8 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share. Feb. 12 Sold 2 million common
shares, for $9 per share. 13 Issued 40,000 common shares to
attorneys in exchange for legal services. 13 sold 80,000 of its
common shares and 4,000 preferred shares for a...
During its first year of operations, Eastern Data Links Corporation entered into the following transactions relating...
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 7 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb.
12
Sold 2 million common shares, for $10 per share.
13
Issued 35,000 common shares to attorneys in exchange for legal
services.
13
Sold 76,000 of its common shares and 4,000 preferred shares for
a...
(2) Equity transactions. During its first year of operations, Eastern Data Links Corporation entered into the...
(2) Equity transactions.
During its first year of operations, Eastern Data Links
Corporation entered into the following transactions relating to
shareholders’ equity. The articles of incorporation authorized the
issue of 10 million common shares, $1 par per share, and 1 million
preferred shares, $50 par per share.
Feb. 12 Sold 2 million common shares, for $9 per share.
13 Issued 38,000 common shares to attorneys in exchange for
legal services.
13 Sold 78,000 of its common shares and 5,500 preferred...
During 2021, its first year of operations, McCollum Tool Works entered into the following transactions relating...
During 2021, its first year of operations, McCollum Tool Works
entered into the following transactions relating to shareholders’
equity. The corporation was authorized to issue 100 million common
shares, $1 par per share.
Jan.
2
Issued 25 million common shares for cash.
3
Entered an agreement with the company president to issue up to
2 million additional shares of common stock in 2022 based on the
earnings of McCollum in 2022. If net income exceeds $140 million,
the president will...
During 2018, its first year of operations, McCollum Tool Works entered into the following transactions relating...
During 2018, its first year of operations, McCollum Tool Works
entered into the following transactions relating to shareholders’
equity. The corporation was authorized to issue 100 million common
shares, $1 par per share.
Jan.
2
Issued 45 million common shares
for cash.
3
Entered an agreement with the
company president to issue up to 2 million additional shares of
common stock in 2019 based on the earnings of McCollum in 2019. If
net income exceeds $130 million, the president will...
Part A During its first year of operations, the McCollum Corporation entered into the following transactions...
Part A
During its first year of operations, the McCollum Corporation
entered into the following transactions relating to shareholders’
equity. The corporation was authorized to issue 104 million common
shares, $1 par per share.
Required:
Prepare the appropriate journal entries to record each
transaction.
Jan.
9
Issued 30 million common shares for $15 per share.
Mar.
11
Issued 4,300 shares in exchange for custom-made equipment.
McCollum’s shares have traded recently on the stock exchange at $15
per share.
Part B...
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